There is big market for SAP (System Application, Products) and in that a huge demand for SAP FICO (Financial Accounting/Controlling) consultants. It motivates many people to get into SAP FI/CO. There are many opportunities for Charted Accountants in SAP but it only available for good knowledge people. FI/CO consultants are one of the elite in the world of SAP Consulting, because every implementation of SAP needs FI/CO and the area of SAP which has the most contact with the outside world is FI/CO. It is also used in doing tax reports, statutory reporting, reporting of regulatory authorities, etc. and this is available in every possible language. For any qualified accountant, it is an area to use skills and training achieved during their tenure.
SAP for Charted Accountants –
The SAP FI/CO is specifically designed to impart inclusive knowledge in regards to the proper management and utilization of different external reports and controlling components.
The Topics that are covered under this module are:
- The code, creation of company and its overall management.
- Credit control in all functional areas, profitability and profit center.
- Variant of fiscal year and pasting year, vendor group and accounts, Customer group and Accounts
- Asset classes, Depreciation charts, sales and purchase orders, etc.
- Reports, Financial statements and Taxation.
- Account creation and posting in different account groups.
- Blocking and Dunning Accounts.
- Document types, field status group, Tolerance group and number range.
Opportunities in SAP for Chartered Accountants
SAP has developed a Solution called ERP (Enterprise Resource Planning) software and it is world leader in ERP implementation and support. SAP is also involved in development of similar products and research and development of ERP. SAP major role is research, development and support of ERP solution, it doesn’t implement the same for clients. So, other resources are required for the implementation of SAP. SAP implementation differs from company to company and it has a vast range of features involved in it. Hence for the implementation IT companies started idea of SAP Consulting.
As there are many complications involved in SAP implementation, Engineers with good software coding experience and knowledge are required. It companies had engineers for these globally as it requires a high level of coding techniques. Now they only require employees with high level of domain knowledge or employees with business process understanding like MBAs or CAs. They can help to build the gaps between engineers and clients business. Role for CA employee will be to make sure that implementation of SAP is completed per managements plan and need and output generates in in complication with taxation and accounting policies.
So, this open the opportunity in SAP for Chartered Accountants now next question would how they can become a SAP professional. The answer to that is as mentioned above the most relevant module for CA’s are SAP CO (Controlling or Management Accounting) and SAP FI (Financial Accounting) commonly known as SAP FICO Training for CA’s . Now based on the interest one can choose to be a Certified SAP Auditor or to be a SAP consultant or to be a certified SAP Trainer or to in the CORE Finance team of an Organization have implemented SAP ERP, etc.
There are many such options, but to improve your chances to get hired a hands-on experience is always preferred. So even though it is not necessary nor required criteria it is good to take training. There are different sets of training and certification is available in market based on choice and the cost of the same varies from 70,000 to 7,00,0000 based on the course structure and institutes. From the most famous SAP module, SAP FI module deal with accounting, preparation of final statements, tax computation, year-end adjustment, etc. The other one is SAP CO which deals with all internal/management reporting as well as all costing related issues.
Other advantage of doing SAP for a CA is that if someone is looking to work as a SAP FICO Consultant , then again there is a huge scope as he/she will acquire strong SAP domain knowledge and as a qualified Chartered Accountant it is an area where he/she can really use his skills and reach places.
So CA Aspirants want an impressive resume,want to get into Big 4’s? Do join Cridor’s special SAP training sessions for CA Firms and IT Auditors.